NEW YORK- Bailed-out insurer American International Group lost more than $ 1 billion of its current activities in the first quarter, as the company took a huge burden for the interruption of his credit with the Federal Reserve Facility.
Unit of British company Chartis of AIG also sequestering 864 million in losses of disaster related to the earthquake of 11 March to the Japan. The company, one of the main the Japan foreign insurers, had already warned charges of substantial quake.
AIG shares, which lost more than 30 per cent of their value since January, fell 1% in the trade after hours $ 30.50.
AIG reported a loss from continuing operations of 1.18 billion dollars, or $1.41 per share, compared to a profit on the same basis a year more early $ 2.09 billion dollars, or $2.16 per share.
AIG, in a statement, focused on the figure of net income attributable to AIG, which he said came to 269 million, down $ 1.8 billion last year.
The burden of the Fed came to $ 3.3 billion and is related to the recapitalisation agreement closed in January. This arrangement paid the fed and the Treasury on the left with a set of 92% in the company.
The Treasury Board should start selling this position later this month, but we do not know at what price. AIG shares have fallen since the recapitalisation closed, and they blur the balance point $28.72 / part of the Government.
On a base of operations, AIG said that his company of British company increased casualty Chartis net premiums, almost 20% in the quarter representing a pick-up truck in its activities to the United States and the consolidation of Fuji Fire & Marine du Japan.
Life insurer domestic of AIG SunAmerica, reported flat operating, although profit that his company of crucial annuity continued to rebound after the execution of the difficulties in the financial crisis, when the company took a $ 182 billion bailout.
During the quarter, AIG has also closed the sale of its businesses AIG Star and AIG Edison to Prudential Financial. The product has led to a profit of 1.65 billion to activities in the period.
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